Nigerian manufacturers are struggling to stay in business because a foreign-exchange shortage spawned by the collapse in oil prices means
The daily foreign exchange turnover at the Investors and Exporters (I&E) forex window declined by 63.17 per cent to $14.22 million on Thursday from $38.61million on Wednesday.
Data from FMDQ showed that Naira weakened by 0.1 per cent, as the exchange rate closed at N386.00k per dollar on Thursday as against N385.63/$ traded on the previous day.
The foreign exchange rate at the I&E is where the actual trade takes place by an authorised dealer and the seller of FX while the rates at Nigerian Autonomous Foreign Exchange Fixing (NAFEX) are indicative rates.
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The Naira/dollar exchange rate appreciated slightly by 50 kobos as the dollar traded at an average rate of N415.50k on Thursday as against N416 traded on the black market on Wednesday.
BusinessDay findings show that the dollar sold at N416 at Festac area of Lagos, which indicates a N1.00k loss to the value of Naira compared with N415 traded the previous day.
The dollar traded unchanged against the local currency at N415 and N361 at the black market and official window respectively.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
